資産管理計画:英国の租税原則<br>Wealth Management Planning : The UK Tax Principles

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資産管理計画:英国の租税原則
Wealth Management Planning : The UK Tax Principles

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  • 製本 Hardcover:ハードカバー版/ページ数 554 p.
  • 言語 ENG
  • 商品コード 9780470724248
  • DDC分類 343.41062

Full Description


Wealth Management Planning addresses the major UK tax issues affecting wealth management planning for both the UK domiciled and non-UK domiciled individual. It explains, with numerous worked practical examples, the principles underpinning the three main taxes: income tax; capital gains tax; and inheritance tax. It is aimed at those involved in providing advice in the field of wealth management planning including solicitors, accountants, financial planners, private bankers, trustees, students of tax and law and the layman seeking in depth knowledge. The recent Finance Acts 2006 and 2008, in particular, have modified significantly the tax rules in key areas applicable to wealth management planning. These new tax rules are all addressed in detail in this book and include the pre and post Finance Act 2006 inheritance tax treatment of trusts; the new post Finance Act 2008 residence rules; and the new Finance Act 2008 rules applicable to non-domiciled individuals and the tax treatment of off shore trusts. In view of the increasingly international nature of wealth management planning the book attempts to place the UK tax rules in an international context addressing such issues as: the role of wills in the international arena; the implications of the EU; the suitability of off shore financial centres; and the role and use of double taxation agreements. Appendices bring together useful material produced by HMRC and a detailed bibliography for the interested reader is also included. This book gives comprehensive coverage to the complicated subject of taxation for Financial Planners. It will be very valuable to all those Financial Planners who wish to extend their learning and reference and desire OF FINANCIAL PLANNING. In this book, Malcolm Finney presents a comprehensive summary of the UK tax rules in straightforward language and with many practical examples. It is a notable achievement to put incomprehensible tax legislation into such readily understandable terms; anyone advising on wealth management will find this to be an invaluable guide to the subject . MALCOLM GUNN, CONSULTANT, SQUIRE, SANDERS & DEMPSEY The author demonstrates considerable skill in explaining complicated tax rules in a manner that makes them easy to assimilate and understand. The book contains Chapter summaries, useful Appendices and numerous worked examples, which provide a very clear, helpful explanation of some difficult tax rules. The book s contents cover wide areas of the tax system, and yet provide sufficient technical depth to be a valuable point of reference for those involved in wealth management and financial planning . MARK McLAUGHLIN, A valuable new text explaining the tax treatment applicable to financial planning products and strategies for UK domiciled persons (UK resident or expats) and non domiciled UK residents. This book will be of interest to a wide readership ranging from students of law and tax, the interested layman seeking in depth knowledge and professionals including solicitors, accountants, financial planners, private bankers and trustees. Malcolm is to be commended on distilling a vast amount of detailed material into a logical and well ordered framework . ANDREW PENNEY, MANAGING DIRECTOR, ROTHSCHILD TRUST CORPORATION LTD Malcolm Finney s book is stimulating, innovative and refreshingly practical. Anyone wanting either a high-level understanding of tax principles involved in wealth management or a deeper insight should read this book . WORLDWIDE This book gives comprehensive coverage to the complicated subject of taxation for Financial Planners. Many clients increasingly have diverse and complex needs often spanning different fiscal regimes and to meet their goals and objectives need a greater level of support. This book will be very valuable to all those Financial Planners who wish to extend their learning and reference and desire to meet the needs of such clients. STEPHER ARTHUR, BARRISTER, LINCOLN S INN

Table of Contents

    Contents

PART ONE: THE BUILDING BLOCKS

1 Tax Systems and Their Bases of Taxation
Background
Categories of Tax
Capital v. Income Distinction
Worldwide v. Territorial Tax Systems
(a) Income and Capital Gains Taxes
Worldwide Basis
Territorial Basis
Territorial Basis plus Remittances
Residency
Citizenship Test
Source Basis
(b) Inheritance Tax
Trailing Tax Imposition
Summary

2 UK Taxation: An Overview
Background
Domicile, Residence and Ordinary Residence
Domiciled Individual
Non-domiciled Individual
Persons Other Than Individuals
UK Taxes and Law
Capital v. Income Distinction
Rates of Tax (2008/09)
Income Tax
Capital Gains Tax
Inheritance Tax
Allowances
Tax Returns
Income and Capital Gains Tax
Inheritance Tax
Timing of Tax Payments
Income and Capital Gains Tax
Inheritance Tax
Summary



3 Domicile
Background
Concept of Private International Law Not
Taxation
English/Welsh, Scottish or Northern Irish
Importance of Domicile for UK Tax Purposes
Categories of Domicile
Domicile of Origin
       &#
160;      
0;       
  (i) Legitimate v. Illegitimate Child
(ii) Father Dead at Date of Birth
(iii) Parents Married but Separated
(iv) Legitimation
(v) Loss of Domicile of Origin
       &#
160;      
0;       
  (vi) Resurrection of the Domicile of
Origin
(vii) Adoption
Domicile of Dependence
(i) Children and Domicile of Dependence
(ii) Married Women and Domicile of
Dependence
Domicile of Choice
(i) Misleading Nature of the Word
“Choice”
(ii) Age Requirement
(iii) Two Basic Requirements
Non-UK Domiciled Individuals Spending
Significant Time in the UK
UK Domiciled Individuals Failing to Acquire
non-UK Domiciles of Choice
UK Domiciled Individuals Successfully
Acquiring non-UK Domiciles of Choice
Abandonment of a Domicile of Choice
Special Categories of Individual and
Domicile of Choice
(i)   Individuals of Ill Health
(ii)  Employees
(iii) Member of the Armed Forces
(iv) Diplomats
Deemed UK Domicile
(i)   Three-year Rule
(ii)  17 Out of 20 Tax Year Rule
(iii) 15 Tax Years plus Two-day Trap
(iv) Dealing with Deemed UK Domicile Status
(A) Avoidance
(B) Plan Accordingly
(C) “Split” Domicile
(D) International Dimension
Summary

4 Residence and Ordinary Residence
Background
Lack of Definitions and IR20
Dual Residence
Split Tax Years
Income Tax
Capital Gains Tax
Temporary non-UK Residence
Capital Gains Tax
Income Tax
Residence Rules and IR20
Short Absences
The 183-day Rule
Arriving and Departing the UK
Arriving in the UK
Departing from the UK
Summary

5 Residence, Ordinary Residence and
Domicile: Some Practical Points
Background
The Tax Return
Domicile
Claim for the Remittance Basis to Apply
IHT Return Domicile and Residence
Rulings Domicile Ruling
Residence Ruling
Summary

6 Income Source and Asset Situs
Background
Income Source
Rental Income
Dividends
Authorised and Unauthorised Unit Trusts
Authorised
Unauthorised
Interest
Mutual (Offshore) Funds
Asset Situs
Inheritance Tax
Tangible Property
Registered Shares
Bearer Shares
Intangible Property
Ordinary Debts
Speciality Debt
Bank Accounts
Unit Trusts
Nominees
Life Policies
Capital Gains Tax
Real Estate
Tangible Property
Shares
Bearer Shares
Debts
Units of Unit Trusts
Life Policies
Summary

7 The Principles and Implications of Joint
Tenancy and Tenancy in Common Ownership for
Spouses and Non-spouses
Background
Legal Title
Beneficial Ownership
Land
Legal Title
Equitable Interests
Tax Issues
Inheritance Tax
Income Tax
Spouse Joint Ownership
Non-spouse Joint Ownership
Capital Gains Tax
Spouse Joint Ownership
Non-spouse Joint Ownership
Non-UK Domiciled Individual
Spouses
Summary

PART TWO: THE MAJOR TAXES

8 Capital Gains Tax
Background
Basics
Inter-spouse Transfers
Calculating the Tax
Annual Exemption
Payment of the Tax
Year of Death
Pre FA 2008 Reliefs
Indexation Allowance
Taper Relief
Business Asset
Taper Relief and Share Sales
Gifts of Assets (not Inter-spouse)
Non-resident Recipient
Precipitation of an Immediate Inheritance
Tax Charge
Business Assets
Effect of Gift Relief
Non-UK Situs Assets
Impact of FA 2008
Introduction of the New 18% Rate; Abolition
of Indexation Allowance and Taper Relief
Higher Rate Taxpayer
Employees Owning Shares in the Employer
Company
Sole Trader
Buy to Let
“Banking” the Indexation
Allowance/Taper Relief
Capital Losses
UK Domiciled and UK Resident Individual
Capital Loss Utilisation *Connected
Person Capital Losses
Non-UK Domiciled and UK Resident Individual
Capital Loss Utilisation
(1) Overseas Capital Loss Utilisation for
the Non-UK Domiciled but UK Resident
Individual pre FA 2008
(2) Overseas Capital Loss Utilisation for
the Non-UK Domiciled but UK Resident
Individual post FA 2008
Entrepreneur Relief
Disposal of the Whole or Part of a Business
Disposal of One or More Assets in Use for
the Purposes of the Business at the Time at
which the Business Ceases to be Carried on
Disposal of One or More Assets Consisting
of Shares or Securities of a Company
Disposal Qualifying as an
“Associated” Disposal
Relevant Business Assets
Claim for, and Amount of, Relief
Offshore Companies
Leaving/Arriving in the UK
Summary

9 Inheritance Tax: The Basics
Background
Territorial
Domicile
Deemed UK Domicile
Rates of Inheritance Tax
Lifetime Gifts
Chargeable Lifetime Transfer (CLT)
Potentially Exempt Transfer (PET)
Quantum of a Transfer of Value
Taper Relief
PET
CLT
Seven-year Cumulation Period
Lifetime
CLTs Only
CLTs and PETs
Persons Responsible for Payment of
Inheritance Tax and “Grossing
up” on Lifetime Transfers
CLTs
Additional Inheritance Tax Liability
Grossing up
PETs
Death Estate
Assets
Assets Beneficially Owned
Gifts with Reservation
Qualifying Interests in Possession
Assets not Forming Part of the Death Estate
Liabilities
Reliefs
Rate on Death and the NRB
Death Estate
Payment and the Bearing of Inheritance Tax
on Death
Payment of Inheritance Tax on Death
Bearing of the Inheritance Tax Charge on
Death
Gifts with Reservation
Qualifying Interests in Possession
Beneficial Asset Entitlement
Specific Gifts Bear Their Own Inheritance
Tax on Death
Inheritance Tax Liabilities on the Lifetime
Transfers
Inheritance Tax Liabilities on the Lifetime
Transfers Due to Death
Death Estate
Planning Considerations: Initial Thoughts
Summary

10 Inheritance Tax: Exemptions and Reliefs
Background
Exempt Transfers
Lifetime only Exempt Transfers
Annual Exemption
Normal Expenditure out of Income Exemption
Gifts in Contemplation of Marriage Exemption
Gifts for Family Maintenance Exemption
Death only Exempt Transfers
Transfers in Lifetime or on Death Exemptions
Inter-spouse Transfers
Inter-spouse Transferable NRB
Miscellaneous Exemptions
Ordering of Exemptions
Reliefs
BPR
Relevant Business Property
Businesses not Qualifying
Pro-rata BPR
Ownership Requirements
Inter-spouse Transfers
BPR and Death within Seven Years of a
Transfer
Order of Transfers
Settled Business Property
Pre 22 March 2006 Created Interest in
Possession Trust
Post 22 March 2006 Created Interest in
Possession Trust
Discretionary Trusts
Agricultural Property Relief
Ownership Requirements
APR And Death within Seven Years of a
Transfer
Quick Succession Relief
Summary

11 Inheritance Tax: Gifts with Reservation
Background
Exemptions
Exemptions
Inter-spouse Gifts
Full Consideration
Co-ownership
Trusts
Pre-owned Assets
Summary

12 Inheritance Tax: Excluded Property
Background
Non-settled Property
Settled Property
Excluded Property and the Non-UK Domiciled
Non-UK Situs Property
Minimum Length of Time to Hold Assets
UK Situs Assets
Authorised Unit Trusts (AUT) and Open Ended
Investment Companies (OEIC)
UK Government Securities or Gilts
Foreign Currency UK Bank Accounts
Channel Islands and the Isle of Man
Settled Property
       &#
160;    UK Situs Trust Assets
       &#
160;    Authorised Unit
Trusts and OEICs
       &#
160;    UK Government
Securities and Gilts
       &#
160;    Foreign Currency UK
Bank Accounts
Mixing UK Situs and Non-UK Situs Property
in a Trust
Excluded Property and Gifts with Reservation
“Excluded Property Trusts” and
FA 2006
Summary

13 Inheritance Tax: Administration
Background
Lifetime Transfers
CLT
PET
Excepted Transfers
Excepted Settlements
Death Estate
Excepted Estates
Low Value Estates Exempt Estates
Foreign Domiciliaries
Transferable NRB
“D” Forms
Clearance Certificate
Penalties
Non-UK Resident Trusts
Obtaining Information
Summary

PART THREE: TRUSTS

14 Trusts: An Overview
Background
The Trust
Equity
Trusts Today
Protection of Minors
Bankruptcy Protection
Will Substitute
Tax Aspects
Discretionary Trust
Interest in Possession Trust
Lifetime and Will Trusts
Summary

15 Inheritance Tax: Trusts
Background
Discretionary Trusts
Exit Charge before the First 10-year Charge
Ten-year Charge
Interest in Possession Trusts
Immediate post Death Interest (IPDI)
TSI
Accumulation and Maintenance Trusts (A & M)
Discretionary v. Interest in Possession
Trust
       &#
160;    Pre FA 2006
Post FA 2006
“Excluded Property” Trusts and
Domicile
Summary

16 UK Resident Trusts: Income and Capital
Gains Taxation
Background
UK Resident v. Non-UK Resident Trusts
Pre 6 April 2007
Capital Gains Tax
Income Tax
Post 5 April 2007
FA 2008 Impact
Income Tax
Capital Gains Tax
Income Tax
Discretionary (and Accumulation and
Maintenance) Trusts
Interest in Possession Trusts
Beneficiaries
Discretionary Beneficiaries
UK Resident Beneficiary
Non-UK Resident Beneficiary
Interest In Possession Beneficiaries
UK Resident Beneficiary
Non-UK Resident Beneficiary
Capital v.
Income      &#
160;      
0;       
     
Capital Gains Tax
Pre FA 2008
Post FA 2008
Anti-avoidance Provisions
Income Tax
Settlor Interested Trusts
Discretionary Trust
Interest in Possession Trust
Income of Trust Paid to or for Benefit of
Unmarried Minor
Bare Trusts for Unmarried Minors
Capital Payments to the Settlor
Capital Gains Tax
Settlor Interested Trusts post FA 2008
Settlor Interested Trusts pre FA 2008
UK Resident Trust for non-UK Domiciled but
UK Resident Individuals
Income Tax
Capital Gains Tax
Inheritance Tax
UK Resident Trust for UK Domiciled and UK
Resident Individuals
Capital Gains Tax
Inheritance Tax
Summary

17 Non-UK Resident Trusts: Income and
Capital Gains Taxation
Background
FA 2008 Impact
Income Tax
Capital Gains Tax
Income Tax
       &#
160;    Discretionary Trusts
       &#
160;    Interest in
Possession Trusts
Beneficiaries of the non-UK Resident
Discretionary Trust
Anti-avoidance Provisions
Settlor Interested Rules: Income Tax
Sections 720 and 731 ITA 2007
Settlor Interested Rules: Capital Gains Tax
Section 87 TCGA 1992 (Charge on
Beneficiaries)
Transitional Provisions
“Washing out”
Offshore Income Gains
Interaction of the Various Apportionment
Rules with Respect to “Capital
Payments”
Non-UK Resident Trusts for Non-UK Domiciled
but UK Resident Individuals
Income Tax
Capital Gains Tax
Inheritance Tax
Non-UK Resident Trusts for UK Domiciled and
UK Resident Individuals
Income Tax
Capital Gains Tax
Inheritance Tax
Summary

PART FOUR: INVESTMENTS AND PROPERTY

18 Investments
Background
Deposit-based Investments
Money Market Accounts
Fixed Interest Securities
Shares (including AIM Shares)/Options
Ordinary Shares
Zero Coupon Preference Shares
Alternative Investment Market (AIM) Shares
Individual Savings Accounts (ISAs)
Post FA 2008
Self-select ISAs
Pre April 2008
       &#
160;    Maxi ISA
Mini ISA
Packaged/Insurance Investments
Term and Whole of Life Assurance Policies
       &#
160;    Term Assurance
Whole of Life Assurance
Husband and Wife
Single Premium Bonds
Venture Capital Trusts (VCTs) and
Enterprise Investment Schemes (EISs)
Enterprise Investment Scheme
Income Tax Relief
Capital Gains Tax Relief
Venture Capital Trust
Income Tax Relief
Capital Gains Tax Relief
Chargeable Gains Deferment Possibilities
(EIS only)
Collective Investments
Offshore Funds
Tax Treatment
Distributor/Reporting Status Offshore Fund
Non-distributor Status Offshore Fund
Irish Offshore Funds
Structured Products
Limited Partnerships
Private Equity Funds
Property Funds
Limited Liability Partnerships (LLPs)
Real Estate Investment Trusts (REITs)
Self-invested Personal Pensions (SIPPs)
Summary

19 Main Residence or Home
Background
Capital Gains Tax
Overview
Two or More Residences of the Individual
Non-UK Property
Married Couple and Cohabitees
Total v. Partial Capital Gains Tax Exemption
Profit Motive
Residence
Deemed Periods of Residence
More Than One Residence
Electing Main Residence
Planning and the Election
Married Couples
Inter-spouse Transfers
Lettings Relief
Trusts and Sole or Main Residence
Death and Sole or Main Residence
Inheritance Tax
Lifetime Planning
Joint Ownership Arrangements
Cash Gift
Sale
Gift plus Rent Payable
General Comments
Death Planning
Summary

20 Non-UK Domiciliaries and UK Homes
Background
Ownership
Individual
Non-UK Resident Trust
Non-UK Registered Company
Financing the Acquisition
Preliminary Conclusions
Summary

21 Stamp Duty and Stamp Duty Land Tax
Background
Stamp Duty/Stamp Duty Reserve Tax
Stamp Duty Land Tax
Matrimonial Home
Purchase of House plus Chattels
No Consideration
Linked Transactions
Matrimonial Breakdown
Trusts
Interest of Beneficiaries
Appointments
Non-UK Resident Trusts
Bare Trusts
Death
Instruments of Variation
Life Policies
Summary

PART FIVE: THE INTERNATIONAL DIMENSION

22 Non-UK Resident Taxation
Background
General Rules
       &#
160;    Income Tax
Capital Gains Tax
       &#
160;    Inheritance Tax
Types of UK Source Income
       &#
160;    Trading Income
       &#
160;    Property Income
       &#
160;    Employment Income
       &#
160;    Savings Income:
Interest and Dividends
       &#
160;      
0;       
  Interest
Dividends
Some Points to Note
Summary

23 Accessing Offshore Monies: The non-UK
Domiciled Perspective
Background
Categories of non-UK Domiciled Individual
Consequences of a Claim
£30 000 Charge
Nomination
Where no Claim is Necessary
Remittances to the UK
Alienation of Income and Gains and Asset
Purchase
Conditions A/B
Condition C
Condition D
Extensions of the Definition of
“Remittance to the UK” for Each
of Conditions A/B, C and D
Conditions A/B
Condition C
Condition D
Transitional Provisions (pre 6 April 2008
Income/Gains)
Income or Gains (Other than RFI) Arising
pre 6 April 2008
RFI Arising pre 6 April 2008
       &#
160;    Pre 12 March 2008
Condition
       &#
160;    Pre 6 April 2008
Condition
       &#
160;    General Rule
“Relevant Debt” and “UK
Services”
Exempt Property
Clothing, etc. and the “Personal Use
Rule”
Property below £1000
Temporary Importation Rule
Repair Rule
Property and Public Access
Meeting All Exemptions
Exempt to non-Exempt Property
Offshore Income Gains
Mixed Funds
(i) Arising Basis and Remittance Basis
Mixed Income
(ii) Income and Capital Gains Taxable on
Remittance
(iii) Tax-free Capital and Remittance of
Taxable Income
(iv) Tax-free Capital and Taxable
Chargeable Gains
Segregation of Income and Capital Gains
Gifts of Assets Precipitating Foreign
Chargeable Gains
Cessation of Source
Offshore Mortgages
Grandfathering Provisions
Loans Secured on Property: IHT Impact
Loans Secured on Property: Capital Gains
Tax Impact
Temporary non-UK Residents
Income Tax
Capital Gains Tax
Summary

24 The Offshore Dimension
Background
The Offshore Financial Centre
Offshore Financial Centre Vehicles
       &#
160;    Companies
       &#
160;    Trusts
Offshore Financial Centre Uses
       &#
160;    Tax Planning
       &#
160;    Probate
Mitigation/Will Substitute
       &#
160;    Asset Protection
Choosing an Offshore Financial Centre
UK Tax and Information Disclosure
Requirements
Tax Exposure of Trust Settlor
Relocation to an OFC
Summary

25 International Taxation
Background
Double Taxation
Double Tax Agreements
Income and Capital Gains Tax Agreements
Inheritance Tax Agreements
Pre 1975 Agreements
Post 1975 Agreements
European Union/Community
EU Savings Directive
       &#
160;    Background
       &#
160;    Savings Income
       &#
160;      
0;       
  “Interest” only
       &#
160;    Information Exchange
       &#
160;    Withholding Tax
       &#
160;    Withholding Tax v.
Information Supply
       &#
160;    Non-member States
and TIEAs
       &#
160;    Switzerland and the
USA
       &#
160;    Savings Directive
and Directive 77/799/EEC
       &#
160;    Implications of the
Savings Directive
Human Rights
Summary

PART SIX: WILLS, PROBATE AND TAX ISSUES

26 Wills
Background
Requirements for Valid Will
Types of Will
Marriage
Separation/Divorce
Revocation
Intestacy
Types of Gift
Failure of Gift
Survivorship Clause
Witnessing the Will
Capacity to Inherit
UK “Forced Heirship”
Foreign Aspects
Succession
Capacity
Formal Validity
Material Validity
Construction
Revocation
Miscellaneous Matters
“Forced Heirship”
Probate
Inheritance Tax
Excepted Estates
Assets not Requiring Probate
Jointly Held Assets
Life Policies
Pension Death Benefits
Chattels
Bare Trusts
Small Payments
General Tax Issues
       &#
160;    Inheritance Tax
Capital Gains Tax
Income Tax
Inheritance Tax Planning: Some Thoughts
Married Couples
Cohabitees
Single Persons
Charitable Giving
Foreign Aspects
Post Death Issues
Deeds of Variation and Discretionary Will
Trusts
Deeds of Variation
Capital Gains Tax
Discretionary Will Trusts
Capital Gains Tax
Intestacy
Some Points to Note
Summary

Appendices

Bibliography

Index